How Much is This?

QUESTION:  I went to a favorite flea market of mine last Saturday. A lot of the same dealers display some of the same things they’ve had for sale for the last several years. While I don’t mind asking the price of an item, I got really annoyed when I heard a dealer quote another customer a lower price after he had quoted me a higher one for the same item a few minutes before. Is this becoming a regular practice or was it just this dealer?                              

ANSWER: While most dealers price their goods beforehand, a few don’t. Take Mr. I-Don’t-Price-Anything—Mr. Idpa for short. This rather smug dealer always seems to offer interesting items, none of which shows a price. So customers are forced to ask, “How much is this?”

There’s usually a slight pause as Mr. Idpa sizes up the customer.  By the way she’s dressed, perhaps he thinks she has a Lexus parked in the lot. If so, he’ll immediately raise his price by as much as 50 percent, even before he says anything.

This same dealer not only makes up prices as he goes along, but also refuses to bargain when asked for his best price. If he had been the only dealer doing this, customers would probably just pass by his space. But, unfortunately, he isn’t.



The following week, a new dealer set up next to Mr. Idpa, and like him, she hadn’t priced her goods. Another dealer she knew stopped by to say hello. “I don’t understand why no one has asked about my chairs,” she said. She had four well-used ladderback rushed chairs arranged out in front of her tables, each nicely draped with colorful silk scarves.

“Perhaps it’s because you don’t have any prices on your items,” her dealer friend replied.

Some dealers think prices might scare customers away. But they don’t. Customers need a place to start—a pricing reference point. When a customer approaches a dealer’s tables and sees something he or she likes, they look at its price to see if it’s within their budget.

Those who are serious collectors come to flea markets looking for items to add to their collections—for the right price, of course. If a dealer overprices an item, they’ll move on because they know more or less how much the item is worth. But if the price is within their range, they can begin a conversation with the dealer about it.

Once in a while, these non-pricing dealers forget to take the previous price tag off an item after they purchased it elsewhere. A customer comes along, immediately sees that price and approaches the dealer asking if he or she can do any better. After a little haggling, the customer walks away with the item, satisfied that they received a good price.

Buying antiques and collectibles is one thing, but selling them is quote another. Let’s see what happens when the shoe is on the other foot. Let’s take a look at the right way to price items, but before we do, let’s take a look at how not to.

Another dealer at a different flea market had a number of U.S. stamps for sale, all packaged in groups by age. Among his collection of stamps for sale was a little “stock” book with four manila pages with overlapping strips into which he had inserted an assortment of U.S. commemorative stamps. Stamp collectors use these little books to transport stamps to shows or to store a particular group for further study. The dealer had placed two stickers on the cover. One said “$3.50 net with book” while the other said “$4 postage.” At first glance, the $4 sticker stood out, so a customer might think that the stock book with stamps was $4.

Noticing the customer’s interest in the stock book, the dealer directs him a plastic bin with other packages of stamps. Not seeing anything that he wanted, the customer began leafing through the plastic pages of stamps in a looseleaf binder. The customer chose four of them, each with a sticker that said “$2 postage.” The dealer told the customer he could have the stock book filled with stamps and the two pages for $10. That seemed like a good price, so the customer said he would take the lot.

“That will be $13.50,” said the dealer.

“How can that be?” said the customer.

“Oh, $10 is the face value of the postage. The stock book is an additional $3.50,” replied the dealer. Needless to say, the customer walked away empty handed. The dealer wasn’t at all pleased. If he had put a definite price on each of his items, there wouldn’t have been a controversy. Instead, his stickers were vague and communicated the wrong message.

So what is the best way to price antiques and collectibles so they do sell? First, price isn’t the same as value—it’s usually about half that. So while many people use an antiques pricing guide to look up their items, what they’re really looking at is a value guide. The authors of these guides research the value of a particular item by checking the most current amounts the item fetched both at auctions and in shops, then they average the different amounts together.

The market value of an antique is what someone is willing to pay for it. And just because an items lists for $25, for example, doesn’t mean that a person will be able to charge the same amount for it, especially if they’re selling their item at a market entry-level venue like a yard sale or flea market. To sell successfully at these places, prices need to be lower than the guide amount.

Some antique and collectibles sellers take a shortcut and go directly to eBay to check prices. While prices are current there, many have been inflated by the “entertainment” factor. Many eBay shoppers look upon “winning” an auction much as they would winning a game of chance at a casino. At a regular auction, the highest bidder “buys’ the item while on eBay, the highest bidder “wins” the item. Generally, this drives final prices up.





However, the number of auctions has decreased on eBay in recent years while the number of “Buy It How” sales have increased. But even beyond using pricing guides and eBay to research prices, a seller should check the prices of similar items in the same sort of selling venues near them—that is at local garage sales and flea markets. This is known as pricing what the market will bear. Sellers can’t charge more than people are willing to pay in a particular area. Items just won’t sell, no matter how valuable they may be.

To read more articles on antiques, please visit the Antiques Article section of my Web site.  And to stay up to the minute on antiques and collectibles, please join the other 18,000 readers by following my free online magazine, #TheAntiquesAlmanac. Learn more about western antiques in the special 2019 Spring Edition, "Down to the Sea in Ships," online now. And to read daily posts about unique objects from the past and their histories, like the #Antiques & More Collection on Facebook.  

Hurray for Liberty Bonds

QUESTION: I grew up with Liberty Bonds. Back then, we called them just savings bonds. I received one for each of my younger birthdays and paid for some of my college education with them. They were a favorite gift to kids at birthdays and other major events. Recently, I saw a collection of items related to Liberty Bonds at a local antiques show. I never realized that there were so many things associated with savings bonds. Do these things have any value? And what sort of items can I collect?

ANSWER: Your experience with savings bonds is a common one. Although people rarely discuss them, there are probably thousands sitting in safe deposit boxes right now. In fact, these bonds have been around for over 100 years. A Liberty bond was a war bond that the U.S. Government sold to support the allied cause in World War I. Subscribing to the bonds became a symbol of patriotic duty in the United States and introduced the idea of financial securities to many citizens for the first time.

These bonds were a direct and unconditional promise of the U.S. Government to pay upon a certain date a specified sum of money in gold, together with interest at a specific rate, payable at specific dates until the bond matured Only by holding a bond to maturity could people collect the amount they paid plus interest.

“The Great War,” as World War I was known at the time, was an emotional issue. Not everyone was for it. The federal government knew that to wage a massive offensive against the Germans would cost a great deal of money. One third of the cost came from the revival of the personal income tax and an excess profits tax for businesses. The balance was to be raised by the sale of treasury bonds. The government would be asking people to dig deep into their pockets and purchase billions of dollars worth of Liberty Savings Bonds, as they came to be called.

But to get all Americans to buy these bonds took a Herculian advertising and promotional campaign which began in May of 1917. The various Federal Reserve Banks formed committees, on a state-by-state basis, which in turn organized vast numbers of volunteers. Entertainers, politicians, clergymen and persons from all walks of life took part in selling Liberty Bonds.

People couldn’t avoid the bond salesmen. They stood on street corners. The Boy and Girl Scouts went door-.to-door. Volunteers sold bonds in every movie house, theater and concert hall, and during lunch breaks at thousands of factories. They came to be called "four-minute men" because of the length of time they spoke, appealed, pleaded and lectured on the necessity of buying bonds. From the war front came wounded heroes, especially fliers, to tour the nation and to attend mass public rallies. Banks even offered to lend money for bond purchases. Celebrities conducted frequent public rallies, usually in theaters. Movie stars came out solidly to lead many of them.

It all began on April 25, 1917 when Congress approved the Liberty Loan Act which gave authority to the Secretary of the Treasury to issue $2 billion of 31/2-percent convertible bonds for sale by public subscription. Interest rates were raised to 4 1/4 and 4½  percent in later offerings. In all there were five subscription drives, the first four being numbered consecutively.

The First Liberty Bond Drive commenced May 14, 1917, the day the United States declared war on Germany. Others followed in October of that year, and in April and October 1918. A Victory Liberty Loan subscription bond drive, the funds of which went to aid our exhausted Allies, took place in April 1919 and it, too, was a success. People could purchase bonds in denominations from $50 to $100,000. The five drives of from 1917to 1919 resulted in 22 million bonds sold.

The sale of all these bonds also produced a lot of memorabilia, mostly ephemera. Collectors became interested in the late 1970s.

Posters were the first items to become popular, followed by pinback buttons and postcards. Soon all ephemera, including handbills, magazine covers and advertisements, postal slogan cancels and promotional literature was being collected.

A federal agency headed by Charles Dana Gibson organized the nation's illustrators and painters to churn out patriotic posters, including many for the Liberty Bonds program. James Montgomery Flagg,  J.C. Leyendecker and Haskell Coffin were just a few of the hundreds lending their talents and donating their time.

War Savings Stamps booklets, used to hold 10, 25, or 50-cent stamps, that when filled were turned in for a bond, delight many collectors as do the various booklets the government furnished to its army of volunteer salesmen and speakers.

The U.S Postal Service issued postcards to dramatize the appeal. Various artists contributed their skills toward creating many fascinating poster art cards. A special effort was a seven-card sepia set that was used to bombard the mailboxes of most every American. Each card began "Liberty Bonds Guarantee.. "with a different listing of objectives, such as "Liberty Bonds Guarantee Unlimited Aeroplanes. ..our Flyers must control the air." This card showed a dozen military biplanes in flight.

The U.S. Army printed another sepia set, taken from photographs in the field, which they gave to doughboys to mail back home. Inscribed "U.S. Army Post Card" on the address side, the pictorials pictured the various implements of war that Liberty Bonds were buying, such as howitzers, tanks and food. Captions emphasized the need to buy bonds: "Liberty Bonds will keep these howitzers thundering at the Huns," etc.

Volunteers handed out small pictorial stickers to bond subscribers who proudly displayed them on their front door or living-room windows. Buying a bond also earned purchasers a special pinback button to wear. Several different varieties issued; some for specific drives, others for general use. Different companies manufactured theirs for the government, including Animated Toy Company of  New York, American Art Works  of Coshocton, Ohio, Ehrman Manufacturing Company of Boston, and Manee Company of Malden, Massachusetts.

Volunteers also distributed small poster stamps so people could paste or glue them on to stationery, envelopes and postcards. These usually had patriotic motifs, especially flags, shields and the American eagle. There were also 10-cent savings stamps that could be purchased and glued into booklets.

To read more articles on antiques, please visit the Antiques Article section of my Web site.  And to stay up to the minute on antiques and collectibles, please join the other 18,000 readers by following my free online magazine, #TheAntiquesAlmanac. Learn more about Colonial America in the Spring 2018 Edition, "EArly Americana," online now.  

Ladeez and Gentlemen! Welcome to the Greatest Show on Earth

QUESTION: When I was a kid, I loved going to the circus with my parents each Spring. There was something exciting and foreign about it—the unusual animals and the performers who seemed to come from all over the world. A while back, I purchased an old circus poster from the Barnum and Bailey Circus and have it hanging on the wall in my den. But I know nothing about it. A friend told me the U.S. Post Office recently issued a new set of stamps featuring circus posters. My interest has been rekindled all over again. What can you tell me about them?

ANSWER: Circus promoters referred to circus posters as "bills" from the early use of handbills, paper, or later, "lithos", whether printers produced them using lithography or not.

Circus owners recognized the notion that "a picture is worth a thousand words." So they incorporated illustrations, which early on took the form of wood engravings, or in some cases cruder woodcuts. Engravings from mahogany blocks, however, were difficult to make and expensive, so printers used them sparingly and repeatedly. The same images would be used over and over again, often for different shows, thus originating the concept of "stock" posters. Circuses produced early show posters in mass, using a single design, often with only a printed title. Other information, such as dates and locations would be handwritten or stamped with ink by circus advance men.

By the 1860's more circus owners embraced the poster as their main means of promotion. And by 1880, the Golden Age of the circus poster had begun.
   
The actual production of circus posters from idea to finished product was a team effort. Some of the most talented artists of the day designed circus posters, but most didn't sign their work. In fact, most printing companies created circus posters as production art--much like the "original oil paintings" available at Airport Hotel Sales. Any number of artists might work on the overall design of a poster. Often, specific artists specialized in certain subjects. For example, a single artist might specialize in lettering while another specialized in horses, and yet another in performer portraits.

Circus posters can be divided into two categories—stock or specialty. Stock posters, generic designs that could be used by any circus, included images of clowns, wild animals, performers, etc.. Show printers would print large runs of stock designs and store them, making them the most inexpensive. Circus owners could pick these out of catalogs and have their show's  title printed on them. It wasn't uncommon for more than one circus to use the same poster designs in the same season. Printed stock posters might remain in storage for years until a printer sold them to a circus to be used. Often posters used during a specific year had actually been printed decades before.

The dimensions of circus posters are important in dating them. Originally, printers based the sizes of posters on the size of their printing press beds, which varied widely. Eventually, printers standardized a unit of measure called a "sheet"at 28" by 42", basing these dimensions on the dimensions of a lithographic stone a single man could handle or carry.

The most common were "one-sheets," followed by "half-sheets" measuring 28"x  21".  "Flats" had a horizontal format, while "uprights" had a vertical orientation. Printers also produced various multiple sheets, with corresponding multiple dimensions. They produced larger multiples in rare instances, including 100-sheet posters and larger. Printers determined the kind of bill by the combinations of sheets.

Even though printers produced circus posters cheaply by the thousands, they used high quality medium weight woven paper, usually bleached to a bright white color, even though posters were printed in volume and used briefly. Also, printers used oil-based inks for printing circus posters because they were often hung outside.

In the mid-1970's, Ringling Brothers and Barnum & Bailey adopted a policy of using only a single poster design for each edition of their circus, often incorporating a variety of featured acts or attractions in the design. By the late 1970's, few circuses even used posters, and many shows opted to use window cards only, which could be placed indoors or simply be stapled to telephone poles outside.

Probably the greatest image ever produced for a circus poster design was that of a leaping tiger, designed by the noted illustrator Charles Livingston Bull in 1914. This particular image may well be the most recognizable circus image in history, and it’s still in use today, often appearing in set and costume designs in current productions of the Ringling Bros. and Barnum & Bailey Circus. Bull's original poster image, however, doesn’t bear his signature.

Generally speaking, circus posters can sell anywhere from $30 to $375.  With such a broad range, collectors must take the specific circus, date, and condition into consideration. At the low end might be a mint Famous Cole 3 Ring Circus poster with black type on yellow stock for $30. At the high end might be a rare Cole Bros. Circus from the Erie Litho. & Ptg Co., of Erie, Pennsylvania, bearing the title, “Cole Bros. Circus Presents Quarter- Million Pound Act of Performing Elephants–The Most Colossal Train Animals Display Ever Presented” for $375.

Although circuses continue to thrill youngsters, much of the promotion is now done using T.V. and radio ads and discount coupons handed out in supermarkets. The days of posters plastered on the sides of buildings are long gone.

Investing in Old Stock Certificates

QUESTION: I’ve been unpacking some old boxes of things left to me by my father. In one of them I discovered some old stock certificates. Are they worthless or do they have investment value?

ANSWER: Old stock certificates, especially those from defunct companies, are only worth the paper that they’re printed on. But some, especially those with signatures from famous people, famous companies, or those involved in major scandals, can be worth quite a bit.

What exactly is a stock certificate? A stock certificate is the physical piece of paper representing ownership in a company and includes the number of shares owned, the date, an identification number, usually a corporate seal, and signatures. They’re larger than a standard letter-size piece of paper and many also have elaborate engraved designs to discourage counterfeiting.

Stocks represent partial ownership in a company. Today, most companies keep records of ownership electronically but some allow their shareholders to request a paper version. Each certificate starts out as a standard design to which the company adds the date of issue, identification number, and other information, including the printed signature of the chief executive. Executives on older certificates signed them in ink.

According to financial historians, partnership agreements dividing ownership into shares began to be used in northern Italy during the Middle Ages. However, these early shares were only intended to be in effect for a short time and only included a small group of people. Eventually the idea of shareholding spread to Belgium, and it’s believed the concept caught on in the trading town of Bruges. It was here that the idea of the stock exchange originated.

Eventually, shareholding took its next big step in Amsterdam in the early 17th century when the Dutch East India Company, formed to encourage trade in spices from Indonesia, issued shares that were tradable. The company compensated its shareholders well for their investments. In 1621, the market saw the issuance of shares for the Dutch West India Company, and much financial innovation ensued. Stock exchanges in the New World didn’t appear until 1790 in Philadelphia and then two years later in New York.

Collectors love canceled stock certificates because of their beautiful and elaborate graphics, as well as their connection to the historically significant companies they represent.

Old certificate values vary depending on their rarity, beauty, collector interest, historical importance, and  autographs, and industries for which they’re issued. Like all collectibles, supply and demand determine value.  Interesting pieces create a lot of demand while supplies vary.

What affects the market for stock certificates? Above all, general economic conditions tend to influence the prices of old stock certificates because many collectors of them are also involved in the real stock market. The law of supply and demand, as with other collectibles, governs this market as well. And Internet auctions have increased not only the availability of old stock certificates but their ease of purchase.

What determines the pricing of old stock certificates? Two important price boosters are signatures of important people and newly formed companies. For example, a Standard Oil Company certificate that John D. Rockefeller signed is worth nearly $8,000 today. Prices have leveled off in the last few years and finding rare certificates at reasonable prices has become a real challenge.

As with postage stamps, pricing can be affected by the rarity of a certificate—the rarer it is, the higher the price. An autograph of someone famous of the stock company with which he was involved also raises the price. Whether a stock certificate has ever been issued also influences it value, as does its age and decoration. The location and history of the company don’t affect the price of a certificate as much as, say, its condition and whether its canceled or not.

However, no one point is always in control of a certificate’s value. For example, a Cody-Dyer Arizona Mining & Milling stock certificate, from a failed gold mine, signed by Buffalo Bill Cody currently is currently valued at approximately$4,000, while a rare unsigned Buffalo Bill's Wild West Co. stock certificate sold for $20,000 at auction in 2008.

As with any collectible, you should always collect stock certificates that are in excellent condition, have been issued, and are uncanceled. You should also collect certificates from industries that you’re familiar with or in which you’re interested. Early companies issued their stocks in small quantities, thus limiting the number of their certificates in today’s market. But there are lots out there for sale at low to reasonable prices.

Put a Price on It

Last week, I told you the story of a flea market dealer who hadn’t priced anything and wondered why no one was asking about her items, let alone buying them. So to help you price your antiques and collectibles, especially for a yard sale or flea market, I thought I’d offer some guidance. But before I do, I’d like to offer another example of how not to.

To do that, I continue a few tables down from the previous dealer to another at the same flea market. This guy had a number of U.S. stamps for sale, all packaged in groups by age. Since I collect U.S. stamps, my eye immediately zeroed in on a little “stock” book, with four manila pages with overlapping strips into which he had inserted an assortment of U.S. commemorative stamps. Collectors use these little books to transport stamps to shows or to store a particular group for further study. The dealer had placed two stickers on the cover. One said “$3.50 net with book” while the other said “$4 postage.” At first glance, I noticed the $4 sticker, so I offered him $3, and after some hesitation, he agreed. Then he directed me over to a plastic bin with other packages of stamps. I didn’t see any I wanted, so he directed me to a looseleaf binder with plastic pages filled with stamps. I chose two of them, each with a sticker that said “$2 postage.” He said I could have the stock book filled with stamps and the two pages for $10. I did some quick calculations and came up with $7 for the three items, not $10. “Oh,” he said, “that’s only for the face value of the postage.”

“You said I could have the book with its stamps for $3, so I’ll just take it,” I replied. Needless to say, he wasn’t too pleased. If he had put a definite price on each of his items, there wouldn’t have been a controversy. Instead, his stickers were vague and communicated the wrong message.

So how do you go about pricing your antiques and collectibles so they sell? First, price isn’t the same as value–it’s usually about half that. So while you may use an antiques pricing guide to look up your items, what you’re really looking at is a value guide. The authors of these guides research the value of a particular item by checking the most current amounts the item fetched both at auctions and in shops, then they average the different amounts together.

For you see, the market value of an antique is what someone is willing to pay for it. And just because an items lists for $25, for example, doesn’t mean that you’ll be able to charge the same amount for it, especially if you’re selling your item at a market entry-level venue like a yard sale or flea market. To sell successfully at these places, you’ll have to start your pricing much lower than the guide amount.

Some antique sellers take a shortcut and go directly to eBay to check prices. While prices are current there, many have been inflated by what I call the “entertainment” factor. Many eBay shoppers look upon “winning” an auction much as they would winning a game of chance at a casino. At a regular auction, the highest bidder “buys’ the item while on eBay, the highest bidder “wins” the item. Generally, this drives final prices up.

But even beyond using pricing guides and eBay to research prices, you should check the prices in the same sort of selling venues near you. Go to several yard sales and/or flea markets and check what similar items are going for there. This is known as pricing what the market will bear. You can’t charge more than people are willing to pay in a particular area. The item just won’t sell, no matter how valuable it might be.